Clarifies current law to include transient buyers of precious metals in the definition of second-hand dealers regulated along with pawn brokers. This act requires that any secondhand dealers obtain a business license from local authorities. This act requires pawnbrokers and secondhand dealers that buy or loan money for precious metals to display reporting requirements of each transaction, including identification requirements and specific information about the customer and the goods being exchanged. The documentation required by this act must be made available for inspection during all hours of business operation. This act also requires that precious metals be held at the place of business of pawnbrokers or secondhand dealers for forty-five days before any disposition of the property. Finally, this act makes it a felony to violate any of the requirements set out in this act.   Official Text and Analysis.

Creates a new category of secondhand dealers called "secondhand precious metal dealers." New, separate, and distinct provisions relating to the regulation of secondhand precious metal dealers are created separate and distinct from pawnbrokers and other secondhand dealers.

To offer a striking amendment to define "secondhand precious metal dealer" as any person or entity engaged in the commercial activity or business of purchasing, selling, trading, consignment selling, or otherwise transferring for value, more than three times per year, secondhand precious metal property and clarifies that this act which requires secondhand precious metal dealers to maintain specific detailed records for transactions involving precious metals does not include transactions that involve coins or bullions. The amendment also establish penalties, among other things.

To create a new category of secondhand dealers called secondhand precious metal dealers. Requires secondhand precious metal dealers to maintain specific detailed records for transactions involving precious metals for a total of three years. Prohibits the removal of any precious metal property bought or received in pledge or by consignment by a secondhand precious metal dealer from the place of business or the county in which it was sold in, for a period of 30 days after the receipt of that property, except when redeemed by or returned to the owner.

To amend the term precious metal and secondhand property to exclude those that deal with precious metal coins, bullion, or dust flakes or nuggets. Coin dealers, bullion dealers, and nugget dealers will not have to abide by the reporting requirements of the bill that require dealers to record specific information about precious metal sellers and buyers.

Create a new category of secondhand dealers called secondhand precious metal dealers. Requires secondhand precious metal dealers to maintain specific detailed records for transactions involving precious metals for a total of three years. Prohibits the removal of any precious metal property bought or received in pledge or by consignment by a secondhand precious metal dealer from the place of business or the county in which it was sold in, for a period of 30 days after the receipt of that property, except when redeemed by or returned to the owner. The reporting requirements do not apply to coin dealers, bullion dealers, and nugget dealers.

House concurred with Senate amendments. This bill create a new category of secondhand dealers called secondhand precious metal dealers. Requires secondhand precious metal dealers to maintain specific detailed records for transactions involving precious metals for a total of three years. Prohibits the removal of any precious metal property bought or received in pledge or by consignment by a secondhand precious metal dealer from the place of business or the county in which it was sold in, for a period of 30 days after the receipt of that property, except when redeemed by or returned to the owner. The reporting requirements do not apply to coin dealers, bullion dealers, and nugget dealers.